Simeon Closes on 23-acre Metroport Development

SAN FRANCISCO -- Simeon Commercial Properties, in partnership with Denver and Raleigh-based Cherokee Investment Partners, has completed its purchase of the 23- acre Metroport Development Project from the Port of Oakland.

Situated on the northwest corner of Interstate 880 and Hegenberger Road in Oakland, the land purchase was approximately $15 million. The planned 275,000-sq.-ft. build out will be comprised primarily of shops, restaurants and regional retailers. Site plans are anticipated to be completed by the end of this month and construction is scheduled to begin at the end of the year.

Russell Pitto, president and CEO of Simeon said letters of intent are currently under negotiation with several key prospective tenants.

"The current economic picture has caused us to adjust the scope of this project since we announced our original plan in 2000," Pitto said. "Quite frankly, we have allowed the market to dictate the direction and right now, retail development looks like it will be a top priority for Oakland."

Simeon Commercial Properties is a full-service real estate firm that develops and acquires office, tech, R&D and mixed- use properties in strategic in-fill locations throughout the San Francisco Bay Area.

Cherokee Investment Partners is a real estate, private-equity fund that acquires environmentally impaired assets, or brownfields, and protects sellers from the associated risks and liabilities.

UC Regents Selects Grubb & Ellis to Market Moreno Valley Property

MORENO VALLEY -- Grubb & Ellis Co. has been selected by the Regents of the University of California and UC Riverside as the agent for the sale of the 685-acre Moreno Valley Field Station.

The property is located east of Lasselle Street and south of Alessandro Boulevard. The land-use plan permits the development of 2,922 residential units of various densities, schools, parks and an 18-hole golf course.

The property will be offered in a sealed-bid sale in accordance with the Stull Act.

The minimum bid is set at $32 million.